Developing countries’ call for a climate damage fund has dominated the UN negotiations over the last two weeks, pushing the summit past its scheduled Friday, November 18, finish as countries struggled to strike a deal. COP27
has dominated the UN negotiations over the last two weeks, pushing the summit past its scheduled Friday, November 18, finish as countries struggled to strike a deal.
The draft proposal would kick many of the most controversial decisions on the fund into next year, when a “transitional committee” would make recommendations for countries to then adopt at the COP28 climate summit in November 2023. Those recommendations would cover “identifying and expanding sources of funding” – referring to the vexed question of which countries should pay into the new fund.
After years of rich countries resisting climate-vulnerable countries’ calls for loss and damage funding, the European Union said on Thursday, November 17, it would back a new fund if high-emitting emerging economies like China also paid into it – rather than just large historical emitters like the EU and United States. –
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